2012 Comprehensive Annual Financial Report - the City of Tukwila

CITY OF TUKWILA: 2012 CAFRBASIC FINANCIAL STATEMENTSMAJOR GOVERNMENTAL FUNDSGeneral FundThe general fund accounts for all of the City's financial resources except thoserequired by statute or generally accepted accounting principles to be accounted forin another fund. As is the case with most municipalities, the general fund is thelargest and most important accounting entity of the City. As noted in the statementsthat follow, the general fund receives the bulk of its revenues from local taxes,followed by State shared revenues, service charges, and other income.The general fund is accounted for on a modified accrual basis. Biennial budgets areadopted with appropriations lapsing at the end of each year of the biennium.Arterial Street FundThis fund is supported by the State's one-half cent gas tax and is used for majorstreet construction.Land Acquisition, Recreation and Park Development FundThis fund is to be used for the acquisition of land, development of land, andconstruction of park facilities. Street, utility, golf course improvements, or generalgovernment facilities improvements are not included in this fund.35